State executive councillor Teng Chang Khim told the state assembly sitting today the companies, now identified as “soonicorns” and are already worth US$100 million (RM445 million) or more, are Aerodyne, Dropee, Fave, TheLorry and Naluri Hidup.

Teng, who chairs the standing committee on investment, trade, industry and small and medium industries, said identifying companies that have the potential and desire to become unicorns is important given their potential to contribute to innovation, job creation and wealth creation.

He was responding to a question from Edry Faizal Eddy Yusof (PH-Dusun Tua) who wanted to know how many companies in Selangor have the potential to become “unicorns” in the future.

A unicorn is a private start-up company valued at over US$1 billion (RM4.45 billion).

Last year, the science, technology and innovation ministry had targeted five companies in the country to achieve unicorn status in the next five years.

Teng said Carsome, an integrated car e-commerce platform emerged as the first unicorn company in the country last year with a value exceeding US$1 billion. It was set up in Selangor in 2015.

He said that as Malaysia’s population and market size are not as large as other Southeast Asian countries, local entrepreneurs need to look to regional markets to achieve unicorn status.